GLOSSARY TERMS

Cost may be the most important factor you consider when choosing a merchant account provider, but the next important thing to consider is service. Indeed, if you can get better service for a little bit more, it is well worth the money. Good service can mean the difference between a smoothly operating merchant account that makes things easier for you, and finding yourself spending more time fixing problems than actually making money.

You need good service in order to build a successful company. When you choose a merchant account provider, it is important that you choose one that you can work with for the long haul. You want a company that is vested in your success, and one that sees you as more than another number – or worse, sees you as just another fee payer.

Setting up your merchant account

One of the main considerations when choosing a merchant account provider should be the setup situation. How does the merchant account provider go about helping you get started on his or her service? Usually, software or equipment (most likely both) will need to be installed. Programming may be needed. All of these things can be difficult to do on your own. Find out if the merchant account provider offers:

· Internet help. Can you go online to find answers to your questions? Is there a copy of the service manual readily available? Perhaps live chat so that you can ask questions in real time?
· Phone help. Many merchant account providers will assist you setting up your account and the equipment over the phone. Find out if the provider will give you step by step instructions, and stay on with you throughout the process.
· In person setup. Other merchant account providers will send someone out to make sure that the equipment and everything else is properly installed, programmed and connected to the network. Sometimes this will entail a fee, and some merchant account providers will offer this service free of charge.

Equipment

Some merchant account providers will allow you to rent equipment. Others will let you choose to buy it. It is important to find out what sort of equipment is being used. In some cases, a merchant account provider has equipment that will only work for them. This means that if you buy the equipment, it will not work if you switch providers. Sometimes, this type of equipment is used to force you into renting the equipment and providing continuous revenue for the merchant account provider.

Additionally, you want to make sure that equipment maintenance is included in the services. Many merchant account providers will give you free maintenance if you are renting their equipment. Do not go with a provider that forces you to rent equipment and then charges you for maintenance. This is not good service. If you can buy your equipment, chances are that you will have to pay for maintenance. Ask how much is usually charged, and compare providers.

Promotional materials

When you open a merchant account, you want to let your customers know that you accept credit cards. Many providers will give you stickers that indicate which cards are accepted. Find out if you get these free of charge. They can help promote your service to customers, and they can be a valuable addition.

Customer service

How is the customer service of the merchant account provider you are using? Find out whether the company offers round the clock service every day of the year. Companies that have limited hours of service, or that have swaths of time where they do not open at all, may be a bad decision, especially if you have an Internet or phone order business. You are taking orders all the time, so your merchant account provider should be reachable all the time.

Also, you want to make sure that it is free to contact your merchant account provider for customer service and technical support. Some merchant account providers will actually charge you if a technician helps you over the phone. Watch out for that. Also, make sure that the provider you choose has a toll free number. You can also check the Web site. Many companies now offer live chat as a way for you to connect. This can be easy and convenient.

Reliability and reputation

Finally, you want a merchant account provider that is reliable, and that has a good reputation. Before you choose your merchant account, do some research. Find out if the provider is reliable and reputable. There are several ways you can do this:

· Ask for a list of clients. You can get a list of clients from the provider. What companies are on that list? Are they good companies, with good reputations? A merchant account provider that services a high end retailer in your town is probably more reputable than one that mainly provides merchant accounts for casinos or online porn sites. Do a spot check and randomly call a few of the clients on the list, just to verify that they are really customers of the merchant account provider.
· Talk with clients. Call or email clients that work with the merchant account provider. Find out whether they are generally satisfied, and what they like – and dislike – about the provider. This can give you a feel for whether the experience with this account provider will be satisfactory.
· Contact the Better Business Bureau. The BBB has a phone number and a Web site you can visit. You can look up the merchant account providers you are considering and discover whether or not a complaint has been made against them, and what the complaint is for. This can help you catch unscrupulous providers.
· Blogs and forums. Do a search of your potential merchant account providers online. Check blogs and forums for comments and warnings about the provider. While there is no way that it will all be positive, you can spot glaring red flags in many cases.

Careful research can help you decide which merchant account will provide you with the best service and value for your money.